Ardinall Investment Management LP

Item 5: Fees and Compensation

Fees and Expenses applicable to the Funds

The fees and expenses applicable to the Fund are set forth in detail in the Fund’s Offering
Documents. A general summary of the fees and expenses applicable to the Fund is provided
below.

Asset-Based Compensation paid by the Fund

The Fund pays the Adviser an asset-based investment management fee each month in advance
equal to 0.125% (1.5% per annum) based of the value of the net assets of the Fund on the first
business day of each month (the “Management Fee”). The Adviser may reduce, waive or rebate
all or a portion of the Management Fee with respect to one or more Fund Investors (including
affiliates of the Adviser) for any period of time or agree to apply a different Management Fee
for any Fund Investor.

Performance-Based Compensation paid by the Funds

The general partner of the Fund (“General Partner”), which is an affiliate of the Adviser, is
entitled to receive annual performance-based compensation (the “Performance Allocation”)
from the Fund, which is compensation that is based on a share of the Fund’s net income, at a
rate of 15%. The Performance Allocation is subject to a loss carryforward provision. The
General Partner may waive or reduce the Performance Allocation for one or more Fund
Investors, including to the Adviser’s affiliates, for any period of time. The General Partner

may, in its sole discretion, reallocate all or any portion of the Performance Allocation to certain
Fund Investors.

Expenses applicable to the Funds

In addition to bearing the Management Fee and the Incentive Allocation, the Fund will also pay
or reimburse the General Partner, the Adviser and/or affiliates of the Adviser for: (i) all
expenses incurred in connection with the ongoing offer and sale of Fund interests, including,
but not limited to, printing of the Offering Documents and exhibits, marketing expenses and
documentation of performance and the admission of Fund Investors, (ii) all operating expenses
of the Fund, such as tax preparation fees, governmental fees and taxes, any administration fees
paid to an administrator providing services to the Fund, costs of communications with Fund
Investors, and ongoing legal, accounting, auditing, bookkeeping, consulting and other
professional fees and expenses, (iii) all Fund research, trading and investment-related costs and
expenses (e.g., brokerage commissions, research fees, margin interest, expenses related to short
sales, custodial fees, bank service fees, and clearing and settlement charges), (iv) technology-
related costs and expenses, including, but not limited to, software licenses, data feeds and
colocation expenses, (v) all expenses related to attending any conference or seminar related to
alternative investments (e.g., registration, transportation, accommodation or meal expenses),
(vi) regulatory and other filing fees and expenses, and compliance costs and expenses,
including, but not limited to, all fees and expenses incurred by the Adviser and/or its affiliates
directly in connection with examinations by the SEC and other regulatory authorities that are
attributable to the Fund, as well as fees and expenses associated with the completion of
regulatory filings that are attributable to the Fund (including, without limitation, Form PF
filings), (vii) travel expenses related to meeting with management teams, or related to any of
the other categories of expenses set forth herein, (viii) any costs and expenses incurred by the
Fund in connection with converting from a stand-alone fund into a “feeder fund” as part of a
master-feeder structure, (ix) director and officer liability insurance or other insurance premiums
for any principal or employee of the Fund, the General Partner, the Adviser or any of the
Adviser’s affiliates, (x) all fees and other expenses incurred in connection with the
investigation, prosecution or defense of any claims, assertion of rights or pursuit of remedies,
by or against the Fund, including, without limitation, professional and other advisory and
consulting expenses, and (xi) any and all costs and expenses incurred in connection with the
dissolution, winding-up, or termination of the Fund. Reimbursement by the Fund of the
foregoing Fund expenses for any year will be capped at 0.50% of the Fund’s net asset value
(before deduction of Management Fee and any accrued Performance Allocation).

Fees and Expenses applicable to the Sub-Advised Funds

The compensation paid to the Adviser by a Sub-Advised Fund, including asset-based fees and
performance-based fees, and the expenses payable by the Sub-Advised Fund, are detailed in the
investment advisory agreement entered into between the Adviser and the Sub-Advised Fund,
and the offering documentation of the Sub-Advised Fund.

Allocation of Expenses

The allocation of expenses by the Adviser between the Adviser and a Client, and among Clients,
represents a conflict of interest for the Adviser. The Adviser has adopted an expense allocation
policy that is designed to address this conflict. The Adviser allocates expenses to each Client
in accordance with the applicable Offering Documents or investment advisory agreement. The
Adviser seeks to allocate any shared expenses for products and services benefitting multiple
Clients, or both the Adviser and a Client, and not covered in the Offering Documents or
investment advisory agreement, in a fair and reasonable manner.

Item 7: Types of Clients

The Adviser’s Clients consist of pooled investment vehicles. Any initial and additional
subscription minimums with respect to investment in the Fund are disclosed in the Fund’s
Offering Documents.